Benchmark indices fell for the second day in a row with the Sensex droping as much as 188 points to end the day lower at 40,966 points. The Nifty on the other hand dropped lower by 63 points to end the day at 12,055 points.
Heavyweight, Reliance Industries was one of the biggest drags on the indices dropping more than 2 per cent lower. Metal stocks dropped for the second day in a row on worries that the Coronavius would drag world economic growth rates lower.
Vedanta, Tata Steel and JSW Steel were among the biggest losers from the Nifty. Shares in Maruti declined post its quarterly numbers. Net profits at the company for the quarter ending Dec 31, 2019 was placed at Rs 1,565 crores and largely met estimates.
Shares in Central Bank of India fell ahead of its quarterly numbers. The stock ended the day lower by almost 3 per cent. Aptech shares too dropped sharply in trade after reports that SEBI was probing a renowned investor for insider trading in the stock. The shares ended the day almost 7 per cent lower.
Among the Nifty stocks that gained ground were BPCL and HDFC. Markets are expected to be increasingly volatile ahead of the Union Budget 2020. Some caution needs to be exercised getting into the big event.